MEREDITH WHITNEY: When I Said Hundreds Of Billions In Muni Defaults, I Meant Over The Next 5-15 Years

Alright, well, it seems pretty clear that if Meredith Whitney ever thought there were going to be hundreds of billions of defaults in the next year, she doesn't believe that now.

In an interview with FT -- which concerns her latest research on pensions, taxes, and the negative drag that will be created, she says that her giant doom prediction was for: "approximation for the current cycle and should be over the next five, 10, 15 years."

The timeframe for her original statement was never clear, but nobody thought it was a prediction that would stretch out for as long as 15 years.

As for her new work, it seems, it's focused a lot more on the macroeconomic impact of higher taxes (to pay for unfunded pensions) than it is on default.